A strong upwards week fits the larger expectations for the preferred Elliott wave count.
An inside week does not change the overall analysis.
For the short term, On Balance Volume suggests what may happen early this week.
Last week’s analysis expected an upwards trend to develop. A slightly higher high and a higher low completes a green weekly candlestick, which fits expectations.
A pullback was expected for the short term. Thereafter, upwards movement has resumed.
An upwards week was expected from last analysis. The week began with a move lower, which hit support, and then bounced strongly from there to complete a long legged doji candlestick.
For the short term, a downwards swing within a consolidation was expected and overall an upwards breakout looked more likely thereafter. The upwards breakout has come sooner than expected.
A bounce was expected to continue. Price began the week to make new highs and thereafter a pullback has remained above the short term invalidation point.
A little more downwards movement to end within the range of 16.173 to 15.874, or at target 16.093, was expected before a trend change. Price moved slightly lower, turning at 16.106, within the range and just 0.013 above the target.
All three Elliott wave counts remain valid. Classic analysis favours the main Elliott wave count.
A new low below 16.173 favours the main Elliott wave count.
Volume suggests the breakout direction from a large symmetrical triangle on the weekly chart.
Price continues to move sideways within a small consolidation. Volume may assist to tell which direction may be most likely for a breakout.
Price has broken out of a small consolidation. Both Elliott wave counts remain valid.
It is time to step back and look at monthly charts for Silver, including a new alternate that is in line with Gold analysis.